Deep dive in the New York Times on the rise of our emerging plutocracy and the lack of capacity of campaign finance laws to deal with it:

The families remaking Illinois are among a small group around the country who have channeled their extraordinary wealth into political power, taking advantage of regulatory, legal and cultural shifts that have carved new paths for infusing money into campaigns. Economic winners in an age of rising inequality, operating largely out of public view, they are reshaping government with fortunes so large as to defy the ordinary financial scale of politics. In the 2016 presidential race, a New York Times analysis found last month, just 158 families had provided nearly half of the early campaign money.

Many of those giving, like Mr. Griffin, come from the world of finance, an industry that has yielded more of the new political wealth than any other. The Florida-based leveraged-buyout pioneer John Childs, the private equity investor Sam Zell and Paul Singer, a prominent New York hedge fund manager, all helped elect Mr. Rauner, as did Richard Uihlein, a conservative businessman from the Chicago suburbs.

Most of them lean Republican; some are Democrats. But to a remarkable degree, their philosophies are becoming part of a widely adopted blueprint for public officials around the country: Critical of the power of unions, many are also determined to reduce spending and taxation, and are skeptical of government-led efforts to mitigate the growing gap between the rich and everyone else….

To bring about a revolution in the Illinois Capitol, in Springfield, Mr. Rauner and his allies have created what amounts to a new campaign economy, in which union money has long been the financial lifeblood of both parties. Contributing millions to his own campaign, Mr. Rauner triggered a state law that removes limits on campaign contributions when a wealthy candidate spends heavily on his or her own race.

The law, intended to limit the influence of the wealthy by providing a level playing field, had the opposite effect: Freed of the restraints, supporters of Mr. Rauner poured millions more into his campaign, breaking state records. About half of the $65 million he spent through last year’s election came from himself and nine other individuals, families or companies they control. Mr. Quinn, the incumbent, spent about $32 million, with many unions making mid-six-figure contributions.

Mr. Rauner’s biggest donor was Mr. Griffin, who gave $5.5 million and put his private plane at Mr. Rauner’s disposal. Mr. Rauner’s allies spent millions on political advocacy groups, research organizations and party committees. The Chicago Sun-Times reversed its no-endorsement policy to back Mr. Rauner, who was a part-owner of the paper before he ran for governor.
“He didn’t have to play by the same rules as other candidates,” said Bill Hyers, the chief strategist to Mr. Quinn. “He just kept on spending.”

Never before in modern Illinois politics had so few people provided so much of the money for campaigns. The size of the average contribution in last year’s general election almost tripled over those made in the previous governor’s race, according to a Times analysis of campaign records collected by Illinois Sunshine, a project of the Illinois Campaign for Political Reform….
Around the same time that Mr. Rauner began running for governor, a group of researchers based at Northwestern University published findings from the country’s first-ever representative survey of the richest one percent of Americans. The study, known as the Survey of Economically Successful Americans and the Common Good, canvassed a sample of the wealthy from the Chicago area. Those canvassed were granted anonymity to discuss their views candidly.

Their replies were striking. Where merely affluent Americans are more likely to identify as Democrats than as Republicans, the ultrawealthy overwhelmingly leaned right. They are far more likely to raise money for politicians and to have access to them; nearly half had personally contacted one of Illinois’s two United States senators.

Where the general public overwhelmingly supports a high minimum wage, the one percent are broadly opposed. A majority of Americans supported expanding safety-net and retirement programs, while most of the very wealthy opposed them. And while Americans are not enthusiastic about higher taxes generally, they feel strongly that the rich should pay more than they do, and more than everyone else pays.

“Probably the biggest single area of disconnect has to do with social welfare programs,” said Benjamin I. Page, a political scientist at Northwestern University and a co-author of the study. “The other big area has to do with paying for those programs, particularly taxes on high-income and wealthy people.”

Illinois, Mr. Page added, is “a case study of the disconnect in action — between what average citizens want the government to do and what it does.”